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PURCHASING AND SUPPLY CHAIN OBJECTIVES (9) What are the 5 rights of…

PURCHASING AND SUPPLY CHAIN OBJECTIVES

6) What is supply chain umbrella?

A large set of activities besides purchasing is part of supply chain management each of these seemingly diverse activities has one important features in common. this is part of a network that will define how efficiently and effectively goods and information flow across a supply chain.

7) Is the supply chain different from supply chain management?

Yes. Supply chain produce and distribute specific things between company and supplier. While, supply management is a important process need to optimized the results of supply chain in low cost and get faster production cycle

8) Explain the different between inbound and outbound transportation in supply chain umbrella

Outbound: goods going out of the business

Inbound: The transport, storage and delivery of goods come into business

9) What are the 5 rights of purchasing?

Right Quantity- Materials purchased should be of right quantity.-

Right Quality- The best quality of materials purchased need not be the right quality.

Right Time-The reorder level of material is fixed for each item under the principle of right time.

Right Source -The source of material should be located within a reasonable distance from the buyer’s organisation

Right Price- Consider that whether a proposed item to be purchased represents the best value for money or not.